Economy

Emirates Airline posts $452mn profit

Emirates Group boosted first-half profit 77 percent as the biggest long-haul airline cut jobs and benefited from a more stable dollar as it seeks to recover from its first annual earnings decline for five years.

Emirates posted a 70 percent drop in net income to 2.5 billion dirhams in the year through March as it grappled with the impact of terrorism on global traffic and the low price of crude weighed on the Mideast's oil-based economies, crimping local travel.

The rise in earnings was driven by "capacity optimisation and efficiency initiatives across the company, steady business growth, and a more favourable foreign exchange situation compared to the same period a year ago", the airline said.

He hailed the support of Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group, highlighting that 56 officers from the Dubai Police General Command managed to drag the 302.68-tonne airplane to break the previous record set by 100 people in Hong Kong who dragged a 218.56-tonne airplane.

The Dubai government-controlled airline attributed the increase to the easing of the USA dollar and "enhancement of efficiency", reports Xinhua news agency.

"Moving forward, we will continue to keep a careful eye on costs while investing to grow our business and provide our customers with world-class products and services", he said. Its fleet stood at 264 aircraft including freighters.

The rise in profit was helped by reducing its workforce by 3,000 employees to 102,670 during the period due to "natural attrition and slower pace of recruitment".

About 29.2 million passengers were carried from April to September, up four percent and on overall capacity expansion of two percent, the top client of the Airbus A380 Superjumbo said.



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